The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia.
Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to provide the coverage to their employees.
[Click here for full-size graph of premium adjustments effective April 1, 2014]
The National Council on Compensation Insurance (NCCI) sought the revisions, according to the SCC. The changes approved by the SCC will decrease the overall premium levels for the federal classifications in both the voluntary market and assigned risk plan and industrial and surface and underground coal mines in the assigned risk plan, according to the SCC. They will increase the overall premium level for the industrial and surface and underground coal mine classifications in the voluntary market.
The changes will become effective April 1, 2014, for new and renewal workers’ compensation policies.
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.
Virginia’s workers’ compensation rates remain among the lowest in the country, the SCC said in a statement.
Click on chart above to enlarge premium adjustments effective April 1, 2014.
Virginia sets workers’ compensation premium level adjustments via IFAwebnews.com .